What is going on in Washington DC? There is a good question, one side is trying to find someone on the other side to investigate, and the other side is very busy saying not me.
So my question becomes, while they are busy arguing back and forth between each other and the President is still saying I made the right decision just wait and see. Meanwhile the whole Middle East goes up in flames. Is Anyone taking care of the business of running the country FOR THE PEOPLE?
I am Stewart Burch, for the last twenty plus years I have been quietly sitting on the sidelines doing taxes for people and helping them with their problems with the IRS and Franchise Tax Board in California. The only thing that I am certain about coming from Washington DC is that before the end of the year they will change all the tax laws and smile as though to say let’s see you figure this out.
I will spend no less than 80 hours in study figuring out how to apply these new rules that they just came up with. BUT THE WORST THING IS ULTIMATELY YOU THE PEOPLE WILL PAY MORE TAX.
“That can’t be right,” you say? Because they have said “NO NEW TAX” While that may be true, they did not say, we will not raise the Alternative Minimum Tax (“AMT”) rate, and they did not say, we will leave all of your deductions in place. So if they take away deduction your taxable income goes up, and your tax goes up, but remember they did not raise the rate.
“AMT” Alternative Minimum Tax, is very badly named first of all, it is in fact a Mandatory Maximum Tax. If you are real interested in how this works go to the IRS Web site and get Form 6251 with instructions and take a look.
Every year I am asked by different Media sources “What are the changes?” and from clients, “Am I getting a refund?” Between Jan and April it seems that the main topic is Taxes.
Here is something to think about why you wait for the next edition of this Blog.
Can you figure out which industry has more than 40 Billion Dollars in sales ever year and never files a tax return? Aren’t you glad that you can afford to pay their tax for them?
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